A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant/File Photo
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- U.S. crude stocks drop more than expected, demand surges -EIA
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SINGAPORE, Dec 16 (Reuters) – Oil prices rose on Thursday as U.S. implied consumer petroleum demand surged to a record high in the world’s top oil consumer even as the Omicron variant of coronavirus threatens to dent oil consumption globally.
A signal by the U.S. Federal Reserve to tackle inflation before it derails the U.S. economy also boosted prices.
Brent crude oil futures rose by 80 cents, or 1.1%, to $74.68 a barrel by 0116 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 88 cents, or 1.2%,…
